Property Values Drop Even More
In case you missed it, S&P/Case-Shiller just released more data showing that housing values in the Tampa Bay area continue to fall. To dive. To tumble. To, well, you get the idea.
For the year ended in March 2008, prices fell 19.6 percent. This was the seventh worst price decline among the twenty cities used by Case-Shiller in their study. The national average was a 14.4 percent decline, and that was the steepest drop in the study's 20-year history of tracking such movements.
It could have been worse. Las Vegas showed a 25.9 percent decline. Miami, 24.6 percent. Phoenix, 23 percent. Los Angeles, 21.7 percent. San Diego, 20.5 percent. San Francisco, 20.2 percent.
Have you noticed how these big price declines are in cities that had huge run-ups in prices a few years ago thanks to speculators? Interesting. What goes up must come down.
The reason I like Case-Shiller is because it tracks repeat sales of individual homes. The study started with a base value of 100 for the year 2000. Today, the Tampa Bay area has an index of 182.26, meaning that since the year 2000 property values are up by 82.26 percent. The index also shows that prices are way off from where they were in July 2006 when the area was at its peak. Nationally, the index is at 166.97, meaning prices are up 66.97 percent.
So, if you bought a house in 2000, you're still doing quite well. If you bought at the peak of the market in 2005 or 2006, things aren't so rosy for you today. As the old joke goes, it's all about t-t-t-t-timing.
For more information about real estate in the Tampa Bay area, visit my website at www.TheStPeteRealEstateSite.com.
For the year ended in March 2008, prices fell 19.6 percent. This was the seventh worst price decline among the twenty cities used by Case-Shiller in their study. The national average was a 14.4 percent decline, and that was the steepest drop in the study's 20-year history of tracking such movements.
It could have been worse. Las Vegas showed a 25.9 percent decline. Miami, 24.6 percent. Phoenix, 23 percent. Los Angeles, 21.7 percent. San Diego, 20.5 percent. San Francisco, 20.2 percent.
Have you noticed how these big price declines are in cities that had huge run-ups in prices a few years ago thanks to speculators? Interesting. What goes up must come down.
The reason I like Case-Shiller is because it tracks repeat sales of individual homes. The study started with a base value of 100 for the year 2000. Today, the Tampa Bay area has an index of 182.26, meaning that since the year 2000 property values are up by 82.26 percent. The index also shows that prices are way off from where they were in July 2006 when the area was at its peak. Nationally, the index is at 166.97, meaning prices are up 66.97 percent.
So, if you bought a house in 2000, you're still doing quite well. If you bought at the peak of the market in 2005 or 2006, things aren't so rosy for you today. As the old joke goes, it's all about t-t-t-t-timing.
For more information about real estate in the Tampa Bay area, visit my website at www.TheStPeteRealEstateSite.com.
-30-
posted by Terry Ward at 3:52 AM
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